Are Target Stores the Next Must-Have Apartment Amenity?
In the burgeoning world of urban tiny condo towers being developed for millennials, the list of attractive amenities seems endless — and in Minneapolis, hometown of Target Corp., one developer group is banking that a “small format Target” store on the ground level is the next big hipster hook. And they’re opening nearly 30 more similar stores in 2017—maybe near you.
Revel, a new apartment building slated to open on August 1st in the Minneapolis neighborhood of Uptown, will feature 125 units — with more than half being billed as “alcove” units of about 544 square feet, featuring “Class A, brand-new, high-end living in the best location” in a compact space, and rent starting at around $1,450 per month, according to the Minneapolis Star-Tribune. Designed by ESG Architects and built by a CPM company called Reuter Walton Commercial, the units have been leasing so quickly they’ve already been able to increase rents. (Oh joy.)
In addition to some pretty swanky amenities — including two rooftop decks, a year-round heated outdoor pool (in frigid Minnesota!), a community clubroom, a fitness center, a pet washing station and a 24-hour coffee bar — Revel will also feature a ground-floor, 21,400 square foot Target store, slated to open on October 18th. About one-fifth the size of a typical Target, it will stock products that are expected to appeal to the demographics in that area: fresh produce, grab-and-go goods, home décor and apparel, and accessories for men and women. It will also have a CVS Pharmacy and Target’s Order Pickup service.
Minneapolis-based Target Corp. in 2014 started experimenting with the small-format stores by building one in a then-new apartment building in Dinkytown, another Minneapolis neighborhood, Star-Tribune reports. The company then opened similar stores in St. Paul and San Francisco. For about a year, Target called the small stores Target Express. But in late 2015, it shed the monikers Target Express and City Target, used for a slightly larger urban-based store, and simply called them all Target.
Target is opening nearly 30 stores in the second half of 2017 and most are small-format locations of about 20,000 to 30,000 square feet. The company also recently announced a major redesign of stores that will make them more conducive to shoppers who want to get in and get out, as well as those who’d like to browse.
Is living above a Target on your apartment wish list? What other stores would you like to have as downstairs neighbors?